Prime Minister's Office
English rendering of PM’s address at inaugural function of ‘Invest Karnataka 2022 via video conferencing'
Namaskar!
To all the friends attending the Global Investors Meet from across the world -- welcome to India, welcome to ‘Namma’  Karnataka and welcome to ‘Namma’ Bengaluru. Yesterday, Karnataka celebrated ‘Rajyotsava’  Day. I congratulate the people of Karnataka and all those who have made Kannada language a part of their lives. This is the place where there is tradition as well as technology. This is the place where a wonderful amalgamation of nature and culture is visible everywhere. This is the place which is known for its wonderful architecture and also for vibrant Start-Ups. Whenever it comes to talent and technology, the first name that comes to mind is Brand Bengaluru, and this name has been established not only in India but all over the world. This land of Karnataka is known for the most beautiful natural hotspots. That is, the soft spoken Kannada, the rich culture and the affinity of the Kannada people for everyone wins everyone's heart.
Friends,
I am happy that the Global Investors Meet is being held in Karnataka. This event is a perfect example of competitive and cooperative federalism. Manufacturing and production in India are largely dependent on state policy decisions and the control. Therefore, if India has to move forward, then it is necessary for the states to move forward. It is very good that states themselves are partnering with other countries in specific sectors through Global Investors Meet. I can see that major companies from all over the world are participating in this event. I have been told that partnerships worth thousands of crores of rupees will be materialized on this platform. This will create employment opportunities for the youth on a large scale.
Friends,
In the 21st century, India has to move forward continuously from where it is today. Last year, India had achieved a record foreign direct investment of about $84 billion. And you also know that these figures have come at a time when the whole world is grappling with the effects of the Covid global pandemic and the circumstances of war. There is uncertainty everywhere. In India too, the conditions created by war and pandemic have had the opposite effect. Despite this, today the whole world is looking towards India with great hope. This is the period of economic uncertainty, but all the countries are assured of one thing that the fundamentals of the Indian economy are strong. In today's fragmented era, India is emphasizing connecting with the world and working for the world. In this era, supply chains have come to a standstill, but at the same time, India is holding out the promise of supplying medicines and vaccines to every needy. This is an era of market fluctuation, but the aspirations of 130 crore Indians are guaranteeing the strength of our domestic market. And most importantly, even though this is the era of global crisis, analysts and economic experts from all over the world are describing India as a bright spot. We are continuously working on our fundamentals so that India's economy becomes stronger day by day. The number of free trade deals that India has signed with other countries in the last few months has given a glimpse of our preparedness to the world.
Friends,
It is important to remember from where our journey started and where we have reached today. Our country was battling the crisis at the policy level about 9-10 years ago. We needed to change our approach to get the country out of that situation. Instead of engaging the investors in the red tape trap, we created a red carpet environment for investment. Instead of making new complicated laws, we rationalized them. Instead of running the business ourselves, we prepared the ground for the business so that others could come forward. We gave the youth a chance to enhance their abilities instead of being bound by rules.
Friends,
Building a New India is possible only with Bold Reforms, Big Infrastructure and Best Talent. Today bold reforms are being undertaken in every sphere of the government. Reforms like GST and IBC were carried out in the economic space. The economy was strengthened through reforms and strong macroeconomic fundamentals in the banking sector. Similarly, preparations were made to bring digital revolution in the country through steps like UPI. We abolished more than 1500 outdated laws and cancelled about 40,000 unnecessary compliances. We also decriminalized many provisions. We have taken steps such as reducing corporate tax rates, as well as increased transparency through reforms such as Faceless Assessment. The doors of new sectors have been opened for FDI in India. Investments in drones, geo-spatial, space and even defence sectors are being given an unprecedented boost in India.
Friends,
Along with reforms, India is also progressing very fast in the field of infrastructure. For modern infrastructure, India is working with more speed and on a bigger scale than ever before. You can take the example of airports. The number of operational airports has doubled in the last eight years. From about 70 airports, there are now more than 140 airports operating. And many more new airports are being built in India. Similarly, the scope of metro trains has increased from five to 20 cities. The recently launched National Logistics Policy will further help in accelerating the pace of development.
Friends,
I would like to draw the attention of the investors especially towards the PM GatiShakti National Master Plan. The GatiShakti National Master Plan has changed the way of infrastructure construction. Now when a project is planned, its 3 dimensions are the first consideration. Along with developing infrastructure, a map of existing infrastructure is prepared. Then the shortest and most efficient route is discussed to complete it. In this, extra care is taken for the last-mile connectivity. Emphasis is laid on making world class products or services.
Friends,
Today, when the world is moving towards Industry 4.O, it is surprised to see the role and talent of Indian youth in this industrial revolution. The youth of India have created more than 100 unicorns over the last few years. More than 80,000 start-ups have been formed in India in the last eight years. Today every sector of India is moving ahead with the youth power. India made record exports last year. In the post-Covid situation, this achievement becomes very important. We have also made important changes in the Indian education system to expand the capabilities of the youth of India. The number of universities, technology universities and management universities in India has increased by 50 percent over the years.
Friends,
Higher goals of development can be achieved only by focusing on investment and human capital. Keeping this in mind, we promoted investments in the health and education sectors. Our aim is also to increase productivity and to improve human capital also. Today, on one hand, we are implementing one of the world's largest manufacturing incentive schemes while on the other hand, we are also providing security to the world's largest health assurance scheme. On one hand, FDI is increasing rapidly in our country, and on the other hand, the number of medical colleges and hospitals is also increasing. On one hand, we are removing the obstacles in the way of business and on the other hand, we are also building 1.5 lakh Health and Wellness Centers. On one hand, we are laying a network of highways across the country, and on the other hand, we are also engaged in the mission of providing toilets and clean drinking water to the people. On one hand, we are working on creating futuristic infrastructure like metros, airports and railway stations, and on the other hand, we are also building thousands of smart schools.
Friends,
The position that India has achieved today in the field of renewable energy is an example for the whole world. In the last eight years, the country's renewable energy capacity has increased three times and solar energy capacity has increased 20 times. Our initiatives towards green growth and sustainable energy have attracted a large number of investors. Those who want returns on their investment and also want to fulfill their responsibility towards this earth they are looking towards India with hope.
Friends,
There is another advantage with Karnataka. Karnataka has the power of the double engine government, i.e., the central government and the state government is headed by the same party. This is also one of the reasons why Karnataka is developing the fastest in many areas. Karnataka continues to maintain its place among the top ranks in the Ease of Doing Business. This is the reason why Karnataka is included in the list of top states in terms of FDI. Of the Fortune 500 companies, 400 are in Karnataka. Out of 100-plus Unicorns of India, more than 40 of them are in Karnataka. Karnataka is being counted as the largest technology cluster in the world today. From Industry to Information Technology, from Fintech to Biotech, from Start-ups to Sustainable Energy, a new development story is being written here in Karnataka. Some development figures are such that Karnataka is challenging not only other states of India but also some countries as well. Today India has entered a new phase of manufacturing domain with the National Semiconductor Mission. The role of Karnataka is very important in this regard. The tech ecosystem here will take chip design and manufacturing to new heights.
Friends,
You know that an investor moves forward with a medium term mission and long term vision. And India also has an inspirational long term vision. Be it Nano urea, hydrogen energy, green ammonia, coal gasification or space satellites, today India is moving ahead with the mantra of development of the world. This is the ‘Amrit Kaal’ of India. The people of the country are moving ahead by taking a pledge to build a new India in the Amrit Mahotsav of Independence. We have set a target of making a developed India by 2047. Therefore, it is very important that there is amalgamation of your investment and India's inspiration, because the development of inclusive, democratic and strong India will accelerate the development of the world. That's why we say that Investment in India means Investment in Inclusion and Investment in Democracy. Investment in India means Investment for the World. Investment in India means Investment for a Better Planet. Investment in India means Investment for a Cleaner-Safer Planet. Let us together move ahead with the goal of changing the lives of crores of people. My best wishes to all those involved in this event! My heartfelt congratulations to the Chief Minister of Karnataka, his entire team, the Government of Karnataka and all the brothers and sisters of Karnataka! Thank you very much.
DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered in Hindi.